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IMC Exploration Group Plc - 2022-23 Interim Results

THE DIRECTORS OF IMC EXPLORATION GROUP PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 596/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "MARKET ABUSE REGULATION"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

RESULTS FOR THE PERIOD 1st JULY 2022 TO 31st DECEMBER 2022

IMC Exploration Group Public Limited Company

(“IMC” or the “Company”)

Chairman’s Statement

The Directors of IMC are pleased to present the Company’s unaudited, consolidated, interim financial results for the first six-month period ended 31st December 2022 of its current financial year running from 1st July 2022 to 30th June 2023.

IMC views its strategic licence holding to be amongst the most prospective exploration licences currently available in Ireland. Commodity prices have powered ahead in the last six months, with the price of copper reaching an all-time high. The availability of copper will play a vital role in the achievement of global national climate objectives signed up to in the Paris agreement. Demand for copper is already being reflected in its surging price and IMC hopes to be part of the copper supply chain. The Avoca Copper mine is situated on IMC’s licence area along with its spoils and tailings project in Avoca, Co. Wicklow. Following the conclusion of the CSA Global Mineral Resource Estimate for East Avoca, IMC’s last drill programme focused on exploring the unmined, south-western extension of the Avoca Cu-Zn-Pb-Ag-Au deposit with encouraging positive results as reported previously. IMC is scheduled to carry out a further series of trial pits in order to complete the geological model.

The price of gold has been at its strongest in recent months, as demand for gold surges across the world. Gold is playing its age-old role as a safe haven in times of high inflation and geopolitical uncertainty. IMC again is very focused on its Avoca and North Wexford gold projects, in addition to its spoils and tailings project.

IMC has just received approval for its Spring drilling programme from the Geoscience Regulation Office of the Department of Climate, Environment and Communications. This is very positive news and allows IMC to continue with its drill programme on its North Wexford Gold project.

IMC’s successful collaboration with Trinity College Dublin, Ireland, continues and we will be announcing a full programme of work in the coming weeks.

IMC previously announced that it had conditionally agreed to acquire MVI Ireland s.r.o., the 100% owner of the Assat company in Armenia which is the holder of the mining license for the Karaberd gold mine located in Lori Marz, northern Armenia. As reported to the market on 31st October 2022 the nature of the acquisition has changed and IMC, rather than acquiring a company possessed of a mining licence, is now acquiring the owner of an operating gold mine. The conditional agreement remains in place and we expect to complete the acquisition in due course.

This is an excellent time for gold, silver, copper and zinc with the current high commodity prices. The Directors look forward to reporting further results from our exploration programme and on progress towards completion of the MVI Ireland s.r.o. acquisition.

Eamon O’Brien,
Executive Chairman,

Dublin, 28th February 2023




IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the period 1st July 2022 to 31st December 2022

Continuing Operations

Dec’22

Jun’22

Administrative expenses

(11,015)

(260,796)

Operating Loss for the period

(11,015)

(260,796)

Finance Income

-

-

Amount written off Intangible Assets

-

(260,796)

Amount written off investment

-

-

__________

__________

Loss for period before tax

(11,015)

(260,796)

Income tax expenses

-

-

_________

_________

Total comprehensive loss for the period

(11,015)

(260,796)

=========

=========

Loss attributable to:

Equity holders of the Company

(11,015)

(260,796)

=========

=========

Total Comprehensive Loss attributable to:

Equity holders of the Company

(11,015)

(260,796)

=========

=========

Earnings per share

From continuing operations

Basic and Diluted loss per share (cent)

0.0

0.1

All activities derived from continuing operations. All losses and total comprehensive losses for the period are attributable to the owners of the Company.

The Company has no recognised gains or losses other than those dealt with in the statement of comprehensive income.




IMC Exploration Group Public Limited Company

Consolidated Statement of Financial Position

As at 31st December 2022

Dec’22

Jun’22

Assets

Intangible assets

635,291

627,791

Property, plant and equipment

1,398

1,850

Investments

-

-

__________

__________

Total Non-Current Assets

636,689

629,641

__________

__________

Current Assets

Trade and other receivables

34,447

10,987

Cash and cash equivalents

101,420

23,399

__________

__________

Total Current Assets

135,867

34,386

__________

__________

Total Assets

772,556

664,027

=========

=========

Equity

Share Capital

349,589

349,589

Share premium

4,164,633

4,164,633

Retained deficit

(4,509,370)

(4,498,355)

__________

__________

Attributable to owners of the Company

4,852

15,867

__________

__________

Total Equity

4,852

15,867

__________

__________

Liabilities – Current

Trade and other payables

273,854

295,017

Current tax liabilities

-

-

__________

__________

Total Liabilities-Current

273,854

295,017

Liabilities – Non-Current

Loan

493,850

353,143

__________

__________

Total Liabilities-Current

493,850

353,143

__________

__________

Total Equity and Liabilities

772,556

664,027




IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity

for the period 1st July 2022 to 31st December 2022

Share Capital €

Share Premium €

Retained Losses €

Total €

Balance at 30 June 2021

349,589

4,164,633

(4,237,559)

276,663

___________

__________

_________

_______

Total comprehensive income for the period

Loss for the period

-

-

(260,796)

(260,796)

__________

___________

__________

_________

Total comprehensive income for the period

-

(260,796)

(260,796)

Transactions with owners, recorded directly in equity

contributions by and distributions to owners

Shares issued

-

-

-

-

Share issue costs

-

-

-

-

__________

___________

__________

_________

Total transactions with owners

-

-

-

-

__________

___________

__________

_________

Balance at 30 June 2022

349,589

4,164,633

(4,498,355)

15,867

__________

___________

__________

_________

Total comprehensive income for the period

Loss for the period

-

-

(11,015)

(11,015)

__________

___________

__________

_________

Total comprehensive income for the period

-

(11,015)

(11,015)

Transactions with owners, recorded directly in equity

contributions by and distributions to owners

Shares issued

-

-

-

-

Share issue costs

-

-

-

-

__________

___________

__________

_________

Balance at 31 December 2022

349,589

4,164,633

(4,509,370)

4,852

__________

___________

__________

_________




IMC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows

for the period 1st July 2022 to 31st December 2022

Dec’22

Jun’22

Cash flows from operating activities

Loss for the year

(11,015)

(260,796)

Adjustments for:

Intangible Assets Write Off

-

-

Income Tax recognised in profit and loss

-

-

Depreciation

452

904

________

________

Cash from operations before changes in working capital

(10,563)

(259,892)

Movement in trade and other receivables

(23,460)

2,709

Movement in trade and other payables

119,544

420,447

_________

_________

Net cash flow from operating activities

85,521

163,264

Cash flows from investing activities

Capital Expenditure

(7,500)

(191,988)

_________

_________

Net cash (used in) investing activities

(7,500)

(191,988)

_________

_________

Cash flows from financing activities

Proceeds from the issue of new shares

-

-

Finance income/(expense)

-

-

_________

_________

Net cash generated by financing activities

-

-

_________

_________

Movement in cash and cash equivalents

78,021

(28,724)

Cash and cash equivalents at beginning of year

23,399

52,123

_________

_________

Cash and cash equivalents at end of year

101,420

23,399

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck: +44 7506 43 41 07
Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com
Brinsley Holman: +44 7776 30 22 28
Brinsley.Holman@kbrl.co.uk

IMC Exploration Group plc

Kathryn Byrne: +353 85 233 6033